SAN DIEGO, May 23 /PRNewswire/ -- Protein Polymer Technologies, Inc.
(OTC Bulletin Board: PPTI) announces the election of the Company's Board of
Directors at its Annual Meeting of Shareholders held May 18, 2001 in New York
City. Reelected to the Company's Board of Directors were: Richard Adelson,
private investor; Patricia J. Cornell, Vice President and Director of Taurus
Advisory Group, a registered investment adviser; Edward E. David, Ph.D.,
technology consultant and former U.S. Presidential Assistant for Science and
Technology; Philip J. Davis, Managing Director (retired), Donaldson, Lufkin &
Jenrette; Edward J. Hartnett, Company Group Chairman (retired), Johnson &
Johnson Company; Kerry L. Kuhn, M.D., a Partner in the Omega Obstetrics and
Gynecology Center, Coral Springs, Florida; J. Paul Jones, Ph.D., Vice
President, Research & Product Development (retired), Procter & Gamble Company;
J. Thomas Parmeter, Ph.D., President and Chief Executive Officer, Protein
Polymer Technologies, Inc.; and George R. Walker, Vice President-Finance
(retired), Esso Europe. All Directors are elected to annual terms.
In other business, stockholders also ratified Peterson & Company, LLP, as
the Company's independent public accountants for the 2001 fiscal year, and a
change in the Company's charter increasing the number of authorized shares of
common stock from 40 million to 60 million shares. The increase in the number
of authorized shares provides the Company with greater flexibility in the
future to conduct transactions that involve equity as a component of the
transaction.
Protein Polymer Technologies, Inc., is a San Diego-based company focused
on developing products to improve medical and surgical outcomes. From its
inception in 1988, PPTI has been a pioneer in protein design and synthesis,
developing an extensive portfolio of proprietary biomaterials. These
genetically engineered biomaterials are high molecular weight proteins,
processed into products with physical and biological characteristics tailored
to specific clinical performance requirements. Targeted products include
urethral bulking agents for the treatment of stress urinary incontinence,
dermal augmentation products for cosmetic and reconstructive surgery, adhesive
fillers for repair of spinal discs, surgical adhesives and sealants, scaffolds
for wound healing and tissue engineering, and depots for local drug delivery.
This press release contains forward-looking statements that are based on
management's views and expectations. Actual results could differ materially
from those expressed here; further, the Company is not obligated to comment
specifically on those differences. Risks associated with the Company's
activities include raising adequate capital to continue operations scientific
and product development uncertainties, competitive products and approaches,
continuing collaborative partnership interest and funding, regulatory testing
and approvals, and manufacturing scale up. The reader is encouraged to refer
to the Company's 2000 Annual Report Form 10-KSB, and recent filings with the
Securities and Exchange Commission, copies of which are available from the
Company, to further ascertain the risks associated with the above statements.
SOURCE Protein Polymer Technologies, Inc.
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http://www.prnewswire.com/comp/721876.html or fax,
800-758-5804, ext. 721876
CONTACT:
J. Thomas Parmeter, President, or Janis
Neves, Director of Finance & Administration, both of Protein
Polymer Technologies, Inc., info@ppti.com
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